If I was too ill to work how would I pay my bills?

Many of us are conscious of our mortality and have sensibly made provision to protect our family and our business in the event that we die. However, fewer allow for the more likely risk that we may first suffer from a critical illness which not only prevents us from working, but in the case of a business owner, perhaps requires us to employ a third party to cover for us, or raise money to liquidate our share of a partnership.

Such insurance is usually referred to as Critical illness cover and usually covers against a myriad of critical illnesses including, heart attack, stroke, MS, certain stages of cancer and perhaps even injury incurred as a result of a car accident.

Unlike other insurance, critical illness cover allows for a one-off payment in the event of illness. If you want to protect your income in the longer term then you should consider Income Protection Insurance which will provide the holder with an income stream to replace previous income or bolster any benefits you might then be entitled to claim due to your illness.

Of course, making provision through savings or by making your finances flexible will also help when the worst happens. Plan ahead and reduce the effects on you and your family should you fall prey to serious illness. Ask us for details.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk